PetroVietnam in talks with Gazprom, Zarubezhneft to boost oil, gas cooperation


PetroVietnam in talks with Gazprom, Zarubezhneft to boost oil, gas cooperation

HANOI -- PetroVietnam, said in a statement that it is in talks to set up more oil and gas joint ventures with Gazprom and Zarubezhneft as well as to boost existing joint investment projects. PetroVietnam said it was in talks with Gazprom for a joint venture to promote the use of LNG as automobile fuel in Vietnam, but didn't elaborate.

The statement follows PetroVietnam Chairman Phung Dinh Thuc's meeting with Gazprom Chief Executive Alexei Miller in Russia. Earlier this month, Russian Prime minister Dmitri Medvedev said in Hanoi that he was satisfied with bilateral oil and gas cooperation, adding that he wanted companies such as PetroVietnam, JSC Zarubezhneft, Gazprom and Lukoil Holdings to strengthen joint investment.

Gazpromviet, a joint venture between the two companies set up in 2009, is expected to start commercial production at two oil and gas condensate fields in Russia between now and 2015, PetroVietnam said.

Gazprom is also considering selling another project to Gazpromviet, it said, without giving further details. Mr. Thuc also met with Zarubezhneft General Director Nikolai Brunich to continue talks on setting up a new joint venture to operate offshore Russia. The proposed joint venture, pending approval from Russian government, will be called Rusvietshelf. The two executives also discussed plans to expand Rusvietpetro's operations in Russia.

Dow Jones Newswires

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